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HUGE GROUP LIMITED - Voluntary announcement in respect of the acquisition of an interest in Pansmart

Release Date: 13/05/2019 15:30
Code(s): HUG     PDF:  
 
Wrap Text
Voluntary announcement in respect of the acquisition of an interest in Pansmart

HUGE GROUP LIMITED
(Registration number 2006/023587/06)
Share code: HUG ISIN: ZAE000102042
(“Huge Group” or “the Company”)

VOLUNTARY ANNOUNCEMENT IN RESPECT OF THE ACQUISITION OF AN
INTEREST IN PANSMART

Overview and rationale

The board of directors of Huge Group is pleased to announce that the
Company has concluded an agreement (the Agreement) to acquire
an interest in Pansmart Proprietary Limited (Pansmart) (the Acquisition)
by way of a subscription of shares (Subscription Shares). The Acquisition
will provide the Company control over an authorised distributor of
Panasonic’s voice, video and CCTV products.

Pansmart is a strong challenger in the South African PABX market, having
been granted a distribution licence by Panasonic in 2016. Since then,
Pansmart has expanded the Panasonic market share significantly, with
a full technical and sales competency. The hybrid PABXs that Pansmart
distributes include embedded analogue voice ports which provide
simple and cost effective PABX and GSM Voice solutions. Pansmart’s
Panasonic PABX and Huge Telecom’s GSM-based Full Suite Telephony
offering is a powerful connectivity combination.

In its second transaction of the year, the Acquisition furthers the delivery
of the ‘Growing Huge’ Strategy by expanding Huge Telecom’s real
estate of customers and including a new brand offering to Huge Group’s
portfolio of products.

Following Pansmart’s prior years of successful market expansion, the
connection with Huge Group provides additional incentive for Pansmart
to accelerate its channel growth by leveraging the synergy between its
PABXs and the voice connectivity offering of Huge Telecom.

Effective date

The Acquisition will take effect on 13 May 2019. Pansmart will retain its
present, well-established brand. Going forward, its branding will
incorporate its status as a member of Huge Group.

Transaction categorisation and confirmation in relation to constitutional
documents

The Acquisition is classified as an uncategorised transaction in terms of
the JSE Listings Requirements.

In compliance with the JSE Listings Requirements, Huge Group
undertakes to ensure that nothing contained in the constitutional
documents of Pansmart will frustrate Huge Group in any way from
compliance with its obligations in terms of the JSE Listings Requirements
or relieve Huge Group from compliance with the JSE Listings
Requirements.

Johannesburg
13 May 2019

Sponsor
Questco Corporate Advisory (Pty) Ltd

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